Overall, your next actional step should be attending local REI meet-ups.

The first step is always to inform them to get a police report. 

Initially I really wanted to do a STR down in North Padre Texas (as it is a place I have vacationed for years and have stayed in at least 8-10 of the STR in the exact complex im looking into, I see how my STR could stand out amongst the rest since Im huge fisherman down there and that is mainly what those STR are used as, already have boat rental option setup if I go this route, list of fishing and possible guides to go with depending on style of fishing, family, fun, hardcore wade fisherman etc etc and equipment rental available for those that do not have.), the places im looking at are decent $ properties that after running through calculators etc showing 18-22% CoC after management fees etc.But after listening to BP for about a month, now thinking BRRRR possibly and doing up here in the DFW area.

Options like a unique amortization schedule or a 3/2/1 or 2/1 stepdown interest rate could provide initial relief to get you through the renovation phase while giving the seller confidence in a structured payoff plan.To determine an entry point, consider reducing the price based on the current NOI.

Maybe I’m wrong but I had to do that on our STR (Ring) and Wyze also requires close proximity on initial setup.

To avoid a dispute, it’s crucial to add the trust or LLC as an additional insured on the policy.”This is a simple but crucial step to help protect your home.Please share this post with your family and friends to keep them informed.

In December, I took my first big step by getting my Florida real estate license, and now, I’m ready to start building my rental portfolio and working toward financial freedom to buy out time for the most important things in life.

I’d say if you did 2 or 3 smaller MF deals on your own and they went well, I’d say you are qualified to raise capital to buy properties similar to what you have already bought yourself.2 or 3 smaller MF deals does NOT qualify you to raise capital and buy 150 unit deal.I believe in step by step progress slowly and consistently working up the ladder towards bigger deals.

If you go the rehab route, you can refinance when finished with the work into a DSCR loan to get all/most of you initial investment back if you found a good deal.

Before moving forward, negotiate better terms with the hard money lender you initially spoke with and ensure the seller is fully on board with second position financing.